Bitcoin and Ethereum are showing signs of life today as trade activity for both digital assets increases dramatically after holding flat over the weekend and exhibiting minimal price movement. With a 24-hour trading volume of $40.2 billion, up over 77% today, Bitcoin is currently trading at $19k, up 1% over the last 24 hours. In contrast, Ethereum is currently trading at $1,300, up 1.5% over the last day, with a $15 billion 24-hour trading volume, up 50% today. Let’s examine any pertinent news this week that could impact the price of Bitcoin and Ethereum.
Summary
- This Monday’s trade volume for the biggest cryptocurrencies is significantly up, indicating that the cryptocurrency market is beginning to come to life.
- Inflation, which has played a large role in the collapse of the US and global economies, is inherent to Bitcoin’s fixed supply.
- The Fed is confident that the rise in interest rates would help control inflation and jump-start the economy, even though investors still fear the markets.
- The price impact of Ethereum’s Merge has not yet been determined, but the network improvement may position ETH to surpass BTC next year.
- Because most validators are located in the US, the SEC thinks that all Ethereum transactions occur there, which has brought uproar in the crypto and NFT communities.
- This week, as Ethereum looks for new support at a higher level and Bitcoin makes another attempt to surpass $20k, we might witness a modest bullish trend.
Crypto Market News Update
Despite the severe bear market this year, the phrase “1 BTC=1 BTC” has been trending on social media in relation to Bitcoin. The concept is based on the notion that because Bitcoin has a fixed number of 21 million tokens, it is intrinsically immune to inflation.
Using statistics from tradingeconomics.com, we can contrast it with the US Dollar, whose supply increased from 3,000,000 USD to nearly 6,200,000 USD between 2020 and 2022.
What if the supply of Bitcoin more than doubled in just two years? It’s improbable that BTC would ever recover from such a high inflation rate, which would significantly increase the market’s downward momentum.
Speaking of the Federal Reserve, a New York Times piece indicates that the Fed seems more bullish than other investors about the US economy’s impending improvement. The Fed wants to keep the economy robust while lowering inflation as gradually as possible. It remains to be seen whether or not it will occur. Uncertainty dramatically causes stock markets to decline each week when the Federal Reserve votes to raise interest rates, but one thing is certain: investors will always experience this.
Ethereum Market News Update
While the Merge for Ethereum was successful, the cryptocurrency’s price fell from a high of $1,700 before the merge to a low of $1,200 following it.
In a recent interview with Wired, Vitalik Buterin spoke about Ethereum and the Merge. The creator of Ethereum responded to a question on how the Merge has gone by saying:
“I’m definitely happy and definitely relieved. This is a transition that the whole Ethereum community has been working towards for the last eight years.”
He further explained that he has always expected a bear market and wished that the crypto industry matured enough before it could handle the level of attention it got in the 2020/2021 boom. He explained that if the merge happened like two years ago, things would have been better with the market
While, as they say, Ethereum’s price still hasn’t seen the fruits of its labor. The Merge was a big achievement that will eventually be advantageous to the crypto asset.
At the same time, there was considerable ambiguity regarding regulation, more specifically, the SEC, due to the Ethereum network merge. The SEC asserts that Ethereum is now classified as a security since it uses proof of stake, and more than half of the validators are located in the United States.
The potential or price of Ethereum won’t be positive in the long run if it gets into a legal battle with the SEC and a similar situation occurs with XRP, although a breakthrough is imminent for Ripple.
There it is
The supermassive black hole sized bad take at the heart of the Balina filing
h/t @LordBogdanoff https://t.co/ZopOGQchU4 pic.twitter.com/ucn5sZkK5b
— laurence (undergrad arc) (@functi0nZer0) September 19, 2022
Given that Ethereum is a widely used cryptocurrency, there is clearly outrage in the community surrounding the SEC’s most recent pronouncements. No matter where the validators are located, people and companies worldwide initiate the transactions.
Despite the SEC’s position on Ethereum, the price of the digital currency currently trades above $1,300. As Ethereum tries to establish new support, we might see ETH push to the $1,400–$1,500 zone this week.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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